NEWS

The Spanish economy performs relatively well in 2025, with a growth rate that slows slightly compared to 2024.

Key economic indicators remain positive, although there are also some risks.

In 2025, gross domestic product (GDP) is expected to grow by 2.4 to 2.6 per cent, depending on the source. Inflation remains subdued, around 2.3 to 2.4 per cent. Unemployment stands at around 10.4 to 10.5 per cent, the lowest level since 2008. The fiscal deficit falls to around 2.8 per cent of GDP and public debt remains stable around 101 per cent of GDP.

Growth is expected to cool further in 2026 and beyond, to around 2.0 per cent or slightly below. Inflation would then fall to around 1.9 per cent. Unemployment also continues to fall slightly, stabilising around 10 per cent. Public finances remain under control, although debt reduction is slow.

The outlook remains favourable, but there are risks. For instance, extreme weather conditions such as heatwaves can have a negative impact on economic growth. In addition, international trade tensions and domestic political uncertainty are potential obstacles to further progress.

In summary, Spain remains on track with moderate growth, falling inflation and an improving labour market, but the economic environment remains vulnerable to external shocks.